FRG Family Wealth Advisors LLC Cuts Stock Position in Alphabet Inc. $GOOGL

FRG Family Wealth Advisors LLC cut its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 2.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 96,041 shares of the information services provider’s stock after selling 2,234 shares during the quarter. Alphabet comprises approximately 2.9% of FRG Family Wealth Advisors LLC’s holdings, making the stock its 7th largest position. FRG Family Wealth Advisors LLC’s holdings in Alphabet were worth $16,925,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of GOOGL. Grant Street Asset Management Inc. increased its position in Alphabet by 73.7% during the second quarter. Grant Street Asset Management Inc. now owns 4,227 shares of the information services provider’s stock worth $745,000 after buying an additional 1,793 shares during the last quarter. Assetmark Inc. boosted its stake in shares of Alphabet by 3.2% during the 2nd quarter. Assetmark Inc. now owns 2,409,099 shares of the information services provider’s stock worth $424,556,000 after acquiring an additional 75,665 shares in the last quarter. HBK Sorce Advisory LLC increased its holdings in shares of Alphabet by 5.5% during the 2nd quarter. HBK Sorce Advisory LLC now owns 66,149 shares of the information services provider’s stock valued at $11,657,000 after acquiring an additional 3,476 shares during the last quarter. Hantz Financial Services Inc. raised its stake in shares of Alphabet by 10.9% in the 2nd quarter. Hantz Financial Services Inc. now owns 211,369 shares of the information services provider’s stock valued at $37,250,000 after acquiring an additional 20,776 shares in the last quarter. Finally, Buck Wealth Strategies LLC lifted its holdings in Alphabet by 13.5% in the 2nd quarter. Buck Wealth Strategies LLC now owns 77,711 shares of the information services provider’s stock worth $13,695,000 after purchasing an additional 9,225 shares during the last quarter. Institutional investors and hedge funds own 40.03% of the company’s stock.

Analyst Ratings Changes

GOOGL has been the topic of several analyst reports. Wolfe Research reiterated an “outperform” rating and set a $350.00 price target (up previously from $290.00) on shares of Alphabet in a report on Thursday, October 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of Alphabet in a research note on Wednesday, October 8th. Mizuho set a $325.00 target price on shares of Alphabet in a report on Thursday, October 30th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Alphabet from $260.00 to $340.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. Finally, Cantor Fitzgerald raised their price target on Alphabet from $265.00 to $310.00 and gave the company a “neutral” rating in a research report on Thursday, October 30th. Three analysts have rated the stock with a Strong Buy rating, thirty-eight have issued a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $304.10.

Insider Activity at Alphabet

In related news, CAO Amie Thuener O’toole sold 2,778 shares of the firm’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $245.00, for a total value of $680,610.00. Following the completion of the transaction, the chief accounting officer directly owned 17,293 shares of the company’s stock, valued at $4,236,785. This trade represents a 13.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John Kent Walker sold 17,816 shares of Alphabet stock in a transaction on Monday, September 29th. The stock was sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the sale, the insider owned 42,985 shares in the company, valued at $10,635,348.70. This represents a 29.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 222,396 shares of company stock worth $54,105,275. 11.64% of the stock is owned by corporate insiders.

Alphabet Stock Performance

NASDAQ:GOOGL opened at $290.10 on Tuesday. The firm’s 50-day moving average is $252.77 and its 200-day moving average is $205.82. The company has a market cap of $3.51 trillion, a price-to-earnings ratio of 28.61, a PEG ratio of 1.86 and a beta of 1.05. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. Alphabet Inc. has a 52-week low of $140.53 and a 52-week high of $291.59.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share for the quarter, topping analysts’ consensus estimates of $2.29 by $0.58. The business had revenue of $102.35 billion for the quarter, compared to the consensus estimate of $99.90 billion. Alphabet had a return on equity of 36.08% and a net margin of 32.23%. Equities research analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 8th will be given a dividend of $0.21 per share. The ex-dividend date is Monday, December 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. Alphabet’s payout ratio is currently 8.28%.

About Alphabet

Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.